Flying Meme Coin Increases Even More with Biden's Decision: Attention! Volatility May Come!
Memecoins and market bets related to US Vice President Kamala Harris have soared as the Democratic campaign raised $81 million in 24 hours in its latest fundraising round. This created a positive sentiment among some traders.
The odds of Harris being announced as the Democratic candidate on crypto betting app Polymarket reached a new high on Monday, rising from 80 percent to 90 percent.
This situation, which bettors gave only an 8 percent chance at the beginning of July, changed on Saturday when Joe Biden announced that he would not be a candidate in the November elections and then supported Harris as a candidate.
According to Polymarket data, $28.6 million was bet in favor of Harris. The next favorite candidate is Michelle Obama.
On the other hand, Solana-based memecoin KAMA, a political memecoin modeled after Harris, reached a new peak of 62 percent, reaching 2 cents and a market value of $27 million. This token has increased by 4,000 percent since its bottom of $0.00061 on June 18, with the possibility of Harris becoming president.
Harris has yet to publicly comment on cryptocurrencies or her strategy for the growth market. On the other hand, Republican candidate Donald Trump has expressed his support for the crypto market and is scheduled to speak at the Bitcoin 2024 conference on Saturday.
âWhile he has not yet received the official nomination, yesterday's development appears to be in line with the current Democratic strategy,â said crypto trading firm Wintermute. âWatch out for comments from Democrats on this issue in the coming days.â he added.
âThere is a general assumption that Harris will win the nomination, and any deviation from this expectation could cause market volatility,â the researchers said.
